Frequently Asked Questions
WHAT TYPE OF FULL SERVICE PROPERTY MANAGEMENT DO YOU OFFER YOUR CLIENTS?
At NeX-Gen Partners, we offer our clients full service leasing and property management that includes the monthly collections of rents, administrating of lease agreements and lease enforcement, lease renewals, periodic inspections, monthly operating statements, and if required eviction notices. Our full management services also include handling maintenance requests and emergencies calls with care, contacting the owner when necessary, as well as negotiating prices with qualified vendors.
WHAT IS YOUR COMPANY’S VIEWS ON PROPERTY MANAGEMENT?
At NeX-Gen Partners, we act as the intermediary between the owner and the tenant, therefore, keeping the owner insulated from the daily issues encountered in property management. In addition to keeping the client well informed on the status of the property, NeX-Gen Partners assists in maximizing income and minimizing expenses, while keeping the property well maintained with a low vacancy rate.
WHAT DO I NEED TO DO TO THE PROPERTY TO GET IT READY FOR RENT?
The property should be in the best possible condition to attract a good quality tenant. Paint throughout the property should be in good shape with marred or dirty areas touched up. It is most favorable to have neutral colors for walls and floors. In most instances, blinds or shades are the ideal windows covering. The property should be detailed clean and the yard in excellent shape, and of course pest free.
DO YOU SCREEN THE APPLICANTS?
The screening process is a critical component of property management to prevent potential issues in the future. We qualify applicants based on three criteria;
- Credit and Background verification
- Income and employment history
- Rental history
Additionally we require copies of driver’s licenses, paystubs, bank statements and/or tax returns if self-employed.
HOW ARE MOVE-IN AND MOVE-OUTS HANDLED?
A thorough move-in inspection is always completed prior to tenant occupancy. This step documents the condition of the property at the time of move- in. At the end of the occupancy, a thorough move-out inspection will also be completed. Any damages in the excess of normal wear and tear will result in a deduction from the tenant’s deposit.
WITH ALL THE AVAILABLE PROPERTIES, HOW DO I DETERMINE HOW MUCH THE RENTAL INCOME CAN I GET FOR MY PROPERTY?
Competition is the factor that determines the rental amounts in any market. As experts in the property management field, NeX-Gen Partners knows the local market and the competitive rental ranges for your property. If the property is marketed with rents too high, the property could be vacant much longer than anticipated. On the other hand, if the property is marketed with rents too low, it may take one to two years before your rental price can reach the normal rates and becomes competitive again.
HOW WILL YOU MARKET THE PROPERTY IN ORDER TO GET IT RENTED QUICKLY?
Once the Management Agreement is finalized between NeX-Gen Partners and the client, the property is immediately added to multiple rental web sites, multiple listing services, preferred agent availability list, local newspapers and other resources. Each property is monitored by the property management team to track the marketing effectiveness for each individual property.
HOW LONG DOES IT USUALLY TAKE TO RENT A PROPERTY?
Vacancy periods are driven by the current market. Location, season, and price all will have an effect on the vacancy rate. Although there are NO guarantees, at NeX-Gen Partners, it has been our experience that with the right marketing and advertising programs, including a property that is priced well and in excellent condition, it normally takes less than 45 days to find a quality tenant for the property.
WHAT DO YOU THINK ABOUT HAVING SMOKERS IN THE PROPERTY?
NeX-Gen Partners finds that it is common to restrict smoking inside a property. This does not significantly reduce the marketability of the property, but the policy could cause a few potential prospects to walk away. NeX-Gen Partners feels that the best policy is to allow smoking only outdoors.
WHAT POLICIES DO YOU THINK WILL BE ATTRACT TENANTS REGARDING PETS IN THE PROPERTY?
The property owner has the final say if pets are allowed within or on the property and NeX-Gen Partners will abide by the owner’s wishes. However, statistics indicate that 75% of all renters own pets. Restricting pets does reduce the number of available qualified tenants. Pets are screened and pet references are verified. In general, a well-behaved cat or dog causes little wear and tear on a home and yard. A non-refundable pet deposit is always required for cleaning and any miscellaneous costs incurred.
IN TODAY’S MARKET WHAT IS COLLECTED FROM A TENANT IN ORDER TO MOVE IN?
At NeX-Gen Partners, we customarily collect the first and last month rent, a security deposit equal to one month’s rent, and any miscellaneous deposits. Miscellaneous deposits are determined on a case per case basis and can include the pet deposit and any Home Owner Association fees.
WHAT HAPPENS IF THE TENANT PAYS THE RENT LATE?
At NeX-Gen Partners, we the rent is due on the first (1st) of every month. If not paid by the third (3rd) of the month, we take the first step in the eviction process and send out a three-day notice to pay the late rent or vacate the property. A late fee penalty is then levied against the tenant. If the tenant does not pay by the fifth (5th) of the month, the owner is notified, and NeX-Gen Partners begins the collection process and eviction papers are filed at the local courthouse. It has been our experience that the majority of our evictions are the result of loss of employment or spousal separations.
ONCE THE PROPERTY IS RENTED HOW AND WHEN will the RENTAL PAYMENTS be DISBURSED?
NeX-Gen Partners prepares an owner’s statement and disperses all rental payments on or before the 15th of each month. Our property managers act as an intermediary and deposits the monthly rent payments directly into an account, and once the funds have been cleared it will be forwarded to owner. The monthly owner’s statement will itemize the rental income and any deductions or expenses. Any deductions on the statements will have a copy of the vendor’s invoice for work completed. In addition to the monthly statements, NeX-Gen Partners sends an annual year-end statement and a completed Form 1099 Miscellaneous Income for the Internal Revenue Service.
WHEN SIGNING THE LEASE, WHAT IS THE AVERAGE LENGTH OF THE TENANCY?
NeX-Gen Partners leases normally are set for a one-year term. However, in today’s market, we have found that many owners have seasonal or vacation rentals properties that are fully furnished. In these cases, we have been successful in placing tenants in these properties for a term of one, three, six or twelve months at a time. At the end of the lease term, the owner can decide to renew the tenant (if tenant wishes to remain), vacate the tenant, or allow the tenant to remain on a month-to-month term. NeX-Gen Partners only uses the latest editions of the Association of Realtors Lease forms, which are structured to provide comprehensive protection for the owners, the tenants, and the management where the law allows.
What if I need to have Property Improvements done to my property?
NeX-Gen Partners have the experience to know what owners and tenants are looking for in rental property; from cosmetic improvements, to a complete rehabilitation, to safety concerns. We will provide property owners with valuable insight that can substantially increase the chances of getting the property rented much sooner while taking into account all budget concerns.
IN CASE OF REPAIRS WHO AND HOW ARE THEY HANDLED?
NeX-Gen Partners is responsible for handling all maintenance requests. Tenants are encouraged to submit all repair requests in writing. It is the NeX-Gen Partners policy to notify owners of all maintenance requests over $200 unless the property owner would like to be notified of all issues prior to any repairs taking place. Keep in mind that in order to provide excellent customer service, a property owner must be available to communicate these repairs so there is no delay in getting the repairs completed in a timely manner. Sometimes a request falls into the category of a maintenance emergency.
WHO HANDLES EMERGENCIES AFTER HOURS?
NeX-Gen Partners is always on call for emergencies. Emergencies are scheduled immediately and the owner is notified at the first possible opportunity. We have an extensive network of vendors to handle any emergency, day or night. There is an operator on call 24-hours a day, 365-days a year.
WHAT HAPPENS IF THE TENANT LEAVES BEFORE THE END OF THE LEASE?
NeX-Gen Partners deems that the tenant is responsible for the rental payments for the remaining term of the lease. If a tenant leaves before the termination date, they forfeit their security deposit and the owner can authorize NeX-Gen Partners to collect the remaining monies allowed by law for the remaining terms of the signed lease agreement.
HOW IS THE OWNER PROTECTED IF THE TENANT DAMAGES THE PROPERTY?
NeX-Gen Partners collects a refundable security deposit at the lease agreement signing. Typically the deposit is sufficient to handle any minor damages caused by tenants. Tenants with excellent credit and references seldom cause significant damage. If however, the tenant leaves the property owing money for rent and or damages they will be billed. Furthermore, legal action can be taken against any tenant that causes damages to the property. The security deposit funds are sent to the property owner and the property owner holds the deposit in a separate escrow account in a FDIC bank. Depending on credit, income, and rental history we may require additional deposit or a non-refundable pet deposit.
HOW DO I GET STARTED?
You have made the right choice! Getting started is easy!!! If you are not under contract with another property management or real estate company, NeX-Gen Partners can begin your property management right away. If you are currently under contract, you will need to terminate the services according to any agreement with them. NeX-Gen Partners will be happy to make this transition as simple is possible, so that we can assist you with picking up keys, security deposits, and if necessary any other documentation from your existing company. Once you have completed all the necessary paperwork to begin your partnership with NeX-Gen Partners, we will get started by getting your property ready to rent with the right tenant.